How about we have a rule where we hedge 100% at the yellow line and maintain the hedge until the next valid pippo entry. the existing trades could then TP on the new trade.
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Dietcoke, I really think you may be onto something here. Every time I've been been in a trade that hits the yellow line it has really gone against me at that point. That is mostly on the majors though as I didn't run it on minors on my live account. I think we should definitely give this a try.
Hmm.. I never thought about that. I expect that the basket will never get to close because the tp will be hit first.
Best to run it as false.
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The original concept was using the progression to get out of a bad trade. In other words, we have our first entry which in the original Pippo would close at 50% of an Octave. However if the pair moved against us, then a second entry of 2x was entered at the next Octave. If it moves back by 50% of an Octave, both trades are closed at breakeven. If the market continues to move against us then 6x entry is entered at the next Octave. If that moves back 50% of an Octave, then all three trades are closed at a basket BE.
You should never leave the earlier trades open. Get out and start again. That was the original concept anyway. I don't think we should be moving away from this basic concept. This is where the power is.
I always wanted the basket to close at BE plus some profit of say $25 or whatever.
If we turn off your visible TP variable, are you saying Steves original code of a basket close will still work.
When I put the visibleTP in I just forgot that pippo closes the basket. Don't use the feature until It can be rectified.
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Thanks man. Excellent work.
If you can, please consider having the basket close plus some additional profit. (Actually that may be already handled by having the EA close at 70% of the Octave). Actually the more I think about it, that's exactly what will happen.
How about we have a rule where we hedge 100% at the yellow line and maintain the hedge until the next valid pippo entry. the existing trades could then TP on the new trade.
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I think the one area of Pippopotamus's original concept that was not explained properly was how he hedged. He does show that hedging is used but exactly how was not clear.
I have never liked hedging as it always seems to come back and bite you but that's just me.
What I have been doing in my live account to overcome runaway trades is to turnoff all the other pairs where I can, try to get out of any other open trades. Once I have done this, I look for any pair that is on the outer edge of the H1 andf H4 and D1 TF's and that historically have a high probability of retracing. EurGbp is excellent for this if it is out on the edge. I then calculate some value of the lot size for this pair and use MPTM to hopefully close all trades at BE when the retracement happens.
I then re-open all my pairs for trading. I just did this for a GbpAud runaway trade. I manually closed late last night for a loss of $60 (I had been down by over $600 at one point) and started regular trading and went to bed.
I have taken my live account from $1,607 to $2,515 as of this morning, still using the pre rapid open/close version of Pippo.
I am looking forward to having the latest version working well so I can use it. It has all the signs of being significantly better.
result when "CloseHedgeOnReturnToGrid" is enabled, and price is moving in and out; but this is M1, unlikely to happened in other TF(or could it?), but interesting to see.
result when "CloseHedgeOnReturnToGrid" is enabled, and price is moving in and out; but this is M1, unlikely to happened in other TF, but interesting to see.
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The problem is that at the outer Yellow line, there is a massive resistance/support barrier there. It will either retrace or breakout at this point but may vacillate for some time before it decides what to do.
Certainly on M1 you will see this clearly. That is when a large Hedge trade opening and closing during this vacillating stage can really hurt.
My method of handling these runaway trades I like better but really not practical to code. Runaway trades are our biggest weakness in this EA.
result when "CloseHedgeOnReturnToGrid" is enabled, and price is moving in and out; but this is M1, unlikely to happened in other TF(or could it?), but interesting to see.
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This code is unmodifed from the original code and so it still refers to hard coded levels. It needs to be changed to refer by reference to the line variables
If you can, please consider having the basket close plus some additional profit. (Actually that may be already handled by having the EA close at 70% of the Octave). Actually the more I think about it, that's exactly what will happen.
Dave R.
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Quoting myself here but I do confirm that if the Visible TP is set to false, then there is a Global closure of all the open trades and at the 70% or whatever level of Octave retracement you set. In other words, the largest open pair retraces by 70% of the Octave or band width causes all open trades of that pair to close with a Global profit.
I would like to test this on demo, which time frame would you suggest ?
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In my experience H4 gives you enough trades to keep things interesting.
Others have used longer TF's, which should be safer, less re-draws, but fewer trades, and shorter TF's H1, which are perhaps less safe, but give more trades.
I've not seen a lot of reports on the new version and TF's, so the above might have changed with Dietcoke's version, and I'm still using H4.
In my experience H4 gives you enough trades to keep things interesting.
Others have used longer TF's, which should be safer, less re-draws, but fewer trades, and shorter TF's H1, which are perhaps less safe, but give more trades.
I've not seen a lot of reports on the new version and TF's, so the above might have changed with Dietcoke's version, and I'm still using H4.
Hope this helps.
Paul
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I have been a proponent of the H4 TF but if we are going to only use the 1,2,6 progression (without the 4th progression) I am beginning to like the H1 TF. More trades and the smaller bands (most times) allows faster closing which should avoid more of the runaway trades.
Also if we do get the runaway trades, with only 3 progressions, the drawdown will be much less and easier to hedge or back out of.
Do not which is best right now but everyone can contribute their results.
